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At a ‘do or die meeting’ overnight in Paris between FOTA and the FIA, a peace deal has been brokered.
The winners are undoubtedly the eight members of FOTA and especially the driving force behind the breakaway series – Ferrari.
The big loser: Max Mosley, who has agreed to not stand for re-election and whose current duties will be taken on by Michael Boeri (current President of the FIA Senate). Flavio Briatore may also consider he has lost out to some degree, as he was considered a front runner to fulfil the role currently held by Bernie Ecclestone within the breakaway series. Ecclestone is undoubtedly relieved and would have played no small part in Mosley’s backdown.
Mosley’s budget cap has been scrapped and the FOTA teams have now agreed to sign a new Concorde Agreement to the end of 2012.
The proposed 2010 regulations have also been scrapped and the car will now use the existing regulations with some small changes to allow a move to cost-cutting of a much lesser degree.
We will publish the full press details when they become available.
Full list of Teams below – which now comprises 26 cars on the grid
TEAM
SCUDERIA FERRARI MARLBORO
VODAFONE McLAREN MERCEDES
BMW SAUBER F1 TEAM
RENAULT F1 TEAM
PANASONIC TOYOTA RACING
SCUDERIA TORO ROSSO
RED BULL RACING
AT&T WILLIAMS
FORCE INDIA F1 TEAM
BRAWN GP FORMULA ONE TEAM
CAMPOS META TEAM
MANOR GRAND PRIX
TEAM US F1
Cheap tyres 
Credit crunch 
Ford Fiesta 
Hyundai ix35
